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Mascoutah, Illinois | It takes two to make a market and I like the long side.
1. I like the nice rounded bottom in the January contract (weekly chart) at $12.66 which occurred on October 7 and October 28.
2. Global growth appears to be getting stronger. Crude oil is moving higher almost everyday.
3. We had a $15.88 high back at the end of June. $12.66 low recently which gets me to about $14.30 if you get half of the move back. We hit $14.37 at the beginning of September.
4. I like the two overhead resistance spots of $14.96 back in April of 2012 and December of 2012 and I believe we test it again.
What is your out price if you go short?
Is it $12.66 or will you play for more?
At what price would you give up your short if beans go higher?
I hope everything is going well with the new one. We have a shot at some flooding rain here and could use it over the weekend. | |
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Frytown, I will take the other side...
